After a slow start, the market is mixed as we head into the second half of trading. The bulls are waiting for the all clear sign from Slovakia which is scheduled to vote on Europe’s bailout fund this afternoon. There could be a pullback if Slovakia doesn’t go along with “the plan” which is making Wall Street a little a nervous. There have been 16 countries that use the euro who have approved a plan to strengthen a European rescue fund, but Slovakia hasn’t. Their approval would increase the size and powers of Europe’s bailout package and if they say “no”, it could complicate efforts to address Europe’s debt crisis.
Here at home, the Financial stocks are showing some strength after starting the session lower on the expected release of the Volcker Rule. Tech has been steady which has given the bulls some strength as they try to overtake another layer of resistance.
Also in play later today will be the release of the FOMC’s latest meeting minutes.
Our current trades are holding up well and we are excited about our latest recommendation as we got to buy on this morning’s dip.
As we head to press, the Dow is down 14 points to 11,418 while the S&P is higher by a point to 1,195. The Nasdaq is higher by a a dozen points to 2,578.
We will be back in the morning to cover Alcoa’s (AA, $10.37, up $0.28) earnings which will be released after the close today. Subscribers, check the Members Area for the updates.